Sri Lankan shares closed at a more than nine-week high on Thursday, boosted by financial and industrial firms on hopes the island nation would secure a bailout package amid its worst economic downturn in decades.
Sri Lanka will restart bailout talks with the International Monetary Fund in August, the country’s new president said this week, while calling on lawmakers to form an all-party government to resolve the economic crisis.
The CSE All-Share index ended up 1.84% at 8,229.14, rising for a sixth straight session.
Heavyweights LOLC Holdings and Expolanka Holdings rose 20% and 9%, respectively.
On the CSE All-Share index, trading volume rose to 150.2 million shares from 123.5 million shares in the previous session.
Sri Lankan shares close at 8-week high as industrials surge
The equity market turnover was 3.8 billion Sri Lankan rupees ($10.64 million), compared with 2.68 billion rupees in the previous session, according to exchange data.
Foreign investors were net sellers in the equity market, offloading 468.7 million rupees worth of shares, while domestic investors were net buyers, purchasing 3.54 billion rupees worth of shares, the data showed.
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